Everest Re Group Reports Second Quarter 2021 Results

Net Income of $680 Million

35% Growth in Gross Written Premium with an 89.3% Combined Ratio

Everest Re Group, Ltd. (“Everest” or the “Company”) today reported its 2021 second quarter results.

Second Quarter 2021 Highlights

  • Net income of $680 million equal to $16.95 per share
  • Net operating income of $587 million, equal to $14.63 per share
  • Gross written premium growth of 35% and net written premium growth of 39%
  • GAAP calendar year combined ratio of 89.3%, an 8-point improvement year over year, and attritional combined ratio of 87.6%, a 0.9 point improvement year over year
  • Underwriting income of $274 million inclusive of pre-tax net catastrophe losses of $45 million primarily from several global events in the Quarter.
  • No change to Covid-19 Pandemic (“Pandemic”) loss provision of $511 million
  • Operating cashflow of $724 million for the quarter

The following table summarizes the Company’s net income and related financial metrics.

 
Net income and operating income Q2 Year to Date Q2 Year to Date
All values in USD millions except for per share amounts and percentages

2021

2021

 

2020

2020

Everest Re Group
Net income

680.0

1,021.8

190.9

207.5

Net operating income (loss)

587.0

847.2

82.9

247.3

 
Net income per diluted common share

16.95

25.47

4.77

5.13

Net operating income per diluted common share

14.63

21.12

2.07

6.12

 
Net income annualized return on average equity

28.4%

21.6%

8.9%

4.7%

Net operating income annualized return on average equity

24.5%

17.9%

3.9%

5.6%

 
Period end equity and book value Q2 2021 Year to Date Q4 2020
Shareholders' equity

10,416.8

9,726.2

Book value per share

260.32

243.25

Change in BVPS adjusted for dividends

8.3%

Total Shareholder Return ("TSR") - Annualized

22.5%

 
Notes
1/ Refer to the reconciliation of net income to net operating income found on page 6 of this press release

Everest Re Group President & CEO Juan C. Andrade commented on the Company’s results:

“Everest had an excellent quarter across the board with very strong growth and outstanding underwriting and investment performance. These results serve as the foundation for our exceptional net income result of $1.02 billion through the first half of 2021 and are another important step toward achieving our strategic plan objectives. Everest achieved an annualized Total Shareholder Return (“TSR”) of 22.5% through the first half of 2021, exceeding our strategic plan target of 13.0%. Everest capitalized on market opportunities to expand our franchises in both reinsurance and insurance, driven by the relentless execution of our strategies and the valuable risk solutions provided to our customers and broker partners. Our focus on disciplined underwriting drove strong profitability in both reinsurance and insurance across our global operations. Finally, the standout performance this quarter demonstrates the quality of Everest’s diversified earnings, and it is an important step toward achieving our strategic objectives and the commitments made to our shareholders.”

The following information summarizes the Company’s underwriting results, on a consolidated basis and by segment – Reinsurance and Insurance, with selected commentary on results by segment.

Underwriting information - Everest Re Group Q2 Year to Date Q2 Year to Date Year on Year Change
All values in USD millions except for percentages

2021

2021

 

2020

2020

 

Q2

Year to Date

Gross written premium

3,190.1

6,121.6

2,369.3

4,940.2

34.6%

23.9%

Net written premium

2,809.4

5,363.3

2,017.5

4,219.0

39.3%

27.1%

 
Loss ratio

62.0%

66.7%

68.9%

69.6%

-6.9 pts -2.9 pts
Commission and brokerage ratio

21.8%

21.2%

22.8%

22.4%

-1.0 pts -1.2 pts
Other underwriting expenses

5.5%

5.7%

5.8%

6.1%

-0.3 pts -0.4 pts
Combined ratio

89.3%

93.6%

97.5%

98.1%

-8.2 pts -4.5 pts
Attritional combined ratio

87.6%

87.4%

88.5%

89.1%

-0.9 pts -1.7 pts
 
Pre-tax net catastrophe losses

45.0

305.0

15.0

45.0

Pre-tax net covid losses

-

-

160.0

310.0

Pre-tax net prior year reserve development

(2.6)

(4.5)

5.3

2.7

Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts
catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Reinsurance segment

  • The reinsurance segment recorded 40% growth in gross written premiums for the quarter. This growth reflects the strength of the Everest global franchise, as we saw broad demand for our reinsurance solutions in the US and across the world, notably in Europe, Bermuda, London, and Latin America.
  • Our growth was well balanced by product line and geography and illustrates our ability to deploy capital strategically in attractive markets and in attractive and diversifying product lines.
  • We had favorable renewals at April 1 and June 1 and we continue to write a stronger, less volatile, more diversified, and more profitable book on a risk adjusted basis.
Underwriting information - Reinsurance segment Q2 Year to Date Q2 Year to Date Year on Year Change
All values in USD millions except for percentages

2021

2021

 

2020

2020

 

Q2

Year to Date

Gross written premium

2,148.2

4,207.3

1,538.3

3,316.1

39.6%

26.9%

Net written premium

2,059.9

3,972.9

1,424.1

3,037.2

44.6%

30.8%

 
Loss ratio

60.8%

66.0%

67.0%

67.8%

-6.2 pts -1.8 pts
Commission and brokerage ratio

24.6%

23.8%

25.8%

25.4%

-1.2 pts -1.6 pts
Other underwriting expenses

2.5%

2.7%

2.6%

2.8%

-0.1 pts -0.1 pts
Combined ratio

87.9%

92.5%

95.4%

96.0%

-7.5 pts -3.5 pts
Attritional combined ratio

86.1%

85.8%

86.7%

87.2%

-0.6 pts -1.4 pts
 
Pre-tax net catastrophe losses

35.0

247.5

-

24.5

Pre-tax net covid losses

-

-

131.0

241.0

Pre-tax net prior year reserve development

(1.4)

(3.3)

0.8

(1.8)

Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts
catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums
 

Insurance segment

  • Everest Insurance reported our first ever quarter with over $1.0 billion in gross written premium, reflecting 25% growth year over year. New business in North America was the most significant contributor to this growth, as the economy regains momentum and our responsive and focused product offerings continue to resonate with our broker partners and insureds.
  • We continue to expand our margins and the attritional loss ratio improvement for the quarter reflects the continuing success of our nimble and disciplined underwriting process, reacting quickly to market conditions to best position our portfolio for long term profitability.
Underwriting information - Insurance segment Q2 Year to Date Q2 Year to Date Year on Year Change
All values in USD millions except for percentages

2021

2021

 

2020

2020

 

Q2

Year to Date

Gross written premium

1,041.9

1,914.3

831.0

1,624.1

25.4%

17.9%

Net written premium

749.5

1,390.5

593.4

1,181.8

26.3%

17.7%

 
Loss ratio

65.6%

68.7%

74.3%

74.3%

-8.7 pts -5.6 pts
Commission and brokerage ratio

13.3%

13.2%

14.6%

14.4%

-1.3 pts -1.2 pts
Other underwriting expenses

14.6%

14.8%

14.5%

15.0%

0.1 pts -0.2 pts
Combined ratio

93.5%

96.7%

103.4%

103.7%

-9.9 pts -7.0 pts
Attritional combined ratio

92.1%

92.2%

93.7%

94.3%

-1.6 pts -2.1 pts
 
Pre-tax net catastrophe losses

10.0

57.5

15.0

20.5

Pre-tax net covid losses

-

-

29.0

69.0

Pre-tax net prior year reserve development

(1.2)

(1.2)

4.5

4.6

Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts
catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums
 

Investments and Shareholders’ Equity

  • Net investment income of $407 million for the quarter including alternative investment gains of $266 million for the quarter
  • Total invested assets and cash of $27.1 billion at June 30, 2021, 6.3% growth versus year end 2020
  • Shareholders’ equity of $10.4 billion as of June 30, 2021
  • Book value per diluted share of $260.32 at June 30, 2021
  • Common share dividends declared and paid in the quarter of $1.55 per share, equal to $62.0 million
  • Common share repurchases of $16.8 million during the quarter, representing 68,100 shares at an average price of $246.44 per share
Equity and Book Value per Share Q2 Year to Date Q2 Year to Date
All values in USD millions except for per share amounts and percentages

2021

2021

 

2020

2020

Beginning shareholders' equity

9,682.9

9,726.2

8,580.9

9,132.9

Net income

680.0

1,021.8

190.9

207.5

Change in investment unrealized gains (URAD)

85.8

(206.5)

544.5

296.5

Dividends to shareholders

(62.0)

(124.3)

(61.9)

(125.2)

Purchase of treasury shares

(16.8)

(40.3)

-

(200.0)

Other

46.9

39.9

31.9

(25.4)

Ending shareholders' equity

10,416.8

10,416.8

9,286.3

9,286.3

 
Diluted common shares outstanding

40.0

40.0

40.0

40.0

Book value per diluted common share

260.32

260.32

232.32

232.32

Common share dividends paid - last 12 months

6.20

6.20

6.05

6.05

 

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemic, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Everest Re Group, Ltd.

Everest Re Group, Ltd. (“Everest”) is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other territories.

Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.

Everest common stock (NYSE:RE) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.

A conference call discussing the second quarter results will be held at 8:00 a.m. Eastern Time on July 29, 2021. The call will be available on the Internet through the Company’s web site at everestre.com/investors.

Recipients are encouraged to visit the Company’s web site to view supplemental financial information on the Company’s results. The supplemental information is located at www.everestre.com in the “Investors/Financial Reports/Quarterly Reports” section of the website. The supplemental financial information may also be obtained by contacting the Company directly.

The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net realized capital gains (losses) and after-tax net foreign exchange income (expense) as the following reconciliation displays:

                 
  Three Months Ended June 30,   Six Months Ended June 30,
                 
(Dollars in thousands, except per share amounts)  

2021

 

2020

 

 

 

2021

 

2020

                 
  (unaudited)   (unaudited)
                 
    Per Diluted         Per Diluted    
                 
  Amount   Share   Amount   Share   Amount   Share   Amount   Share
                 
Net income (loss)  

$

679,982

 

$

16.95

 

$

190,880

 

 

$

4.77

 

 

$

1,021,844

 

$

25.47

 

$

207,492

 

 

$

5.13

 

After-tax net realized capital gains (losses)  

$

83,752

 

$

2.09

 

$

150,519

 

 

$

3.76

 

 

$

113,787

 

$

2.84

 

$

(21,844

)

 

$

(0.54

)

After-tax net foreign exchange income (expense)  

$

9,222

 

$

0.23

 

$

(42,528

)

 

$

(1.06

)

 

$

60,840

 

$

1.52

 

$

(17,924

)

 

$

(0.44

)

                 
After-tax operating income (loss)  

$

587,008

 

$

14.63

 

$

82,889

 

 

$

2.07

 

 

$

847,217

 

$

21.12

 

$

247,260

 

 

$

6.12

 

                 
(Some amounts may not reconcile due to rounding.)

Although net realized capital gains (losses) and net foreign exchange income (expense) are an integral part of the Company’s insurance operations, the determination of net realized capital gains (losses) and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net realized capital gains (losses) and net foreign exchange income (expense) for any particular period is not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company’s success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance.

--Financial Details Follow--

 
EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
 
 
Three Months Ended  Six Months Ended 
June 30, June 30,
(Dollars in thousands, except per share amounts)

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

(unaudited) (unaudited)
REVENUES:
Premiums earned 

 $

                   2,558,372

 

 $

                   2,042,405

 

 $

                   4,946,237

 

 $

                   4,079,219

 

Net investment income

 

                          407,095

 

 

                             38,083

 

 

                          667,508

 

 

                          185,883

 

Net realized capital gains (losses):
Credit allowances on fixed maturity securities

 

                           (15,927

)

 

                              (4,063

)

 

                           (22,904

)

 

                           (25,837

)

Other net realized capital gains (losses)

 

                          120,036

 

 

                          188,711

 

 

                          165,915

 

 

                                 (103

)

Total net realized capital gains (losses)

 

                          104,109

 

 

                          184,648

 

 

                          143,011

 

 

                           (25,940

)

Other income (expense)

 

                               7,114

 

 

                           (20,621

)

 

                             63,707

 

 

                           (12,631

)

Total revenues

 

                      3,076,690

 

 

                      2,244,515

 

 

                      5,820,463

 

 

                      4,226,531

 

 
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses 

 

                      1,586,141

 

 

1,407,016

 

 

                      3,297,560

 

 

2,837,856

 

Commission, brokerage, taxes and fees

 

                          557,749

 

 

466,316

 

 

                      1,046,760

 

 

914,838

 

Other underwriting expenses  

 

                          140,844

 

 

118,130

 

 

                          283,075

 

 

246,990

 

Corporate expenses

 

                             16,168

 

 

8,733

 

 

                             28,546

 

 

18,566

 

Interest, fees and bond issue cost amortization expense

 

                             15,607

 

 

7,253

 

 

                             31,246

 

 

14,836

 

Total claims and expenses

 

                      2,316,509

 

 

                      2,007,448

 

 

                      4,687,187

 

 

                      4,033,086

 

 
INCOME (LOSS) BEFORE TAXES

 

                          760,181

 

 

                          237,067

 

 

                      1,133,276

 

 

                          193,445

 

Income tax expense (benefit)

 

                             80,199

 

 

46,187

 

 

                          111,432

 

 

(14,047

)

 
NET INCOME (LOSS)

 $

                      679,982

 

 $

                      190,880

 

 $

                   1,021,844

 

 $

                      207,492

 

 
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period

 

                             84,171

 

 

                          551,753

 

 

                        (204,444

)

 

                          272,354

 

Reclassification adjustment for realized losses (gains) included in net income (loss)

 

                               1,590

 

 

                              (7,257

)

 

                              (2,076

)

 

                             24,142

 

Total URA(D) on securities arising during the period

 

                             85,761

 

 

                          544,496

 

 

                        (206,520

)

 

                          296,496

 

 
Foreign currency translation adjustments

 

                             34,295

 

 

                             20,586

 

 

                             24,713

 

 

                           (30,238

)

 
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)

 

                               2,043

 

 

                               1,806

 

 

                               4,086

 

 

                               2,726

 

Total benefit plan net gain (loss) for the period

 

                               2,043

 

 

                               1,806

 

 

                               4,086

 

 

                               2,726

 

Total other comprehensive income (loss), net of tax

 

                          122,099

 

 

                          566,888

 

 

                        (177,721

)

 

                          268,984

 

 
COMPREHENSIVE INCOME (LOSS)

 $

                      802,081

 

 $

                      757,768

 

 $

                      844,123

 

 $

                      476,476

 

 
EARNINGS PER COMMON SHARE:
Basic

 $

                            16.97

 

 $

                              4.78

 

 $

                            25.50

 

 $

                              5.14

 

Diluted

 

                               16.95

 

 

                                  4.77

 

 

                               25.47

 

 

                                  5.13

 

 
   
EVEREST RE GROUP, LTD.  
CONSOLIDATED BALANCE SHEETS  
   
   
   June 30,   December 31, 
(Dollars and share amounts in thousands, except par value per share)  

 

2021

 

 

2020

 

  (unaudited)
ASSETS:  
Fixed maturities - available for sale, at market value  

 $

                      21,275,199

 

 $

                      20,040,173

 

(amortized cost: 2021, $20,718,717;  2020, $19,225,067, credit allowances: 2021, ($24,650); 2020, ($1,745))  
Equity securities, at fair value  

 

                             1,485,833

 

 

                             1,472,236

 

Short-term investments (cost: 2021, $629,943; 2020, $1,135,088)  

 

                                629,943

 

 

                             1,134,950

 

Other invested assets (cost: 2021, $2,558,631; 2020, $2,012,581)  

 

                             2,558,631

 

 

                             2,012,581

 

Cash  

 

                             1,106,345

 

 

                                801,651

 

Total investments and cash  

 

                          27,055,951

 

 

                          25,461,591

 

Accrued investment income  

 

                                170,907

 

 

                                141,304

 

Premiums receivable  

 

                             3,199,024

 

 

                             2,680,562

 

Reinsurance receivables   

 

                             2,032,363

 

 

                             1,994,555

 

Funds held by reinsureds  

 

                                798,780

 

 

                                716,655

 

Deferred acquisition costs  

 

                                748,897

 

 

                                622,053

 

Prepaid reinsurance premiums  

 

                                495,657

 

 

                                412,015

 

Income taxes net recoverable  

 

                                                -

 

 

                                   17,253

 

Other assets  

 

                                868,477

 

 

                                742,369

 

TOTAL ASSETS  

 $

                      35,370,056

 

 $

                      32,788,357

 

   
LIABILITIES:  
Reserve for losses and loss adjustment expenses  

 

                          17,645,762

 

 

                          16,398,997

 

Future policy benefit reserve  

 

                                   36,497

 

 

                                   37,723

 

Unearned premium reserve  

 

                             4,024,050

 

 

                             3,501,359

 

Funds held under reinsurance treaties  

 

                                   17,520

 

 

                                   15,807

 

Other net payable to reinsurers  

 

                                379,524

 

 

                                294,347

 

Losses in course of payment  

 

                                198,352

 

 

                                127,971

 

Senior notes due 6/1/2044  

 

                                397,254

 

 

                                397,194

 

Senior notes due 10/1/2050  

 

                                979,784

 

 

                                979,524

 

Long term notes due 5/1/2067  

 

                                223,724

 

 

                                223,674

 

Borrowings from FHLB  

 

                                310,000

 

 

                                310,000

 

Accrued interest on debt and borrowings  

 

                                      9,641

 

 

                                   10,460

 

Unsettled securities payable  

 

                                124,559

 

 

                                206,693

 

Income taxes net payable  

 

                                   35,089

 

 

                                                -

 

Other liabilities  

 

                                571,511

 

 

                                558,432

 

Total liabilities  

 

                          24,953,267

 

 

                          23,062,181

 

   
SHAREHOLDERS' EQUITY:  
Preferred shares, par value: $0.01; 50,000 shares authorized;  
no shares issued and outstanding  

 

                                                -

 

 

                                                -

 

Common shares, par value: $0.01; 200,000 shares authorized; (2021) 69,817  
and (2020) 69,620 outstanding before treasury shares  

 

                                         698

 

 

                                         696

 

Additional paid-in capital  

 

                             2,256,390

 

 

                             2,245,301

 

Accumulated other comprehensive income (loss), net of deferred income tax expense  
(benefit) of $56,797 at 2021 and $80,451 at 2020  

 

                                357,178

 

 

                                534,899

 

Treasury shares, at cost; 29,802 shares (2021) and 29,636 shares (2020)  

 

                           (3,662,499

)

 

                           (3,622,172

)

Retained earnings  

 

                          11,465,022

 

 

                          10,567,452

 

Total shareholders' equity   

 

                          10,416,789

 

 

                             9,726,176

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  

 $

                      35,370,056

 

 $

                      32,788,357

 

   
   
EVEREST RE GROUP, LTD.  
CONSOLIDATED STATEMENTS OF CASH FLOWS    
   
   
  Six Months Ended 
  June 30,
(Dollars in thousands)  

 

2021

 

 

 

2020

 

  (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income (loss)  

 $

                      1,021,844

 

 $

                          207,492

 

Adjustments to reconcile net income to net cash provided by operating activities:  
Decrease (increase) in premiums receivable  

 

                            (499,647

)

 

                            (252,609

)

Decrease (increase) in funds held by reinsureds, net  

 

                              (79,485

)

 

                              (23,498

)

Decrease (increase) in reinsurance receivables  

 

                                15,836

 

 

                            (147,515

)

Decrease (increase) in income taxes  

 

                                76,452

 

 

                              (25,000

)

Decrease (increase) in prepaid reinsurance premiums  

 

                              (71,566

)

 

                              (29,699

)

Increase (decrease) in reserve for losses and loss adjustment expenses  

 

                          1,144,620

 

 

                             800,816

 

Increase (decrease) in future policy benefit reserve  

 

                                 (1,226

)

 

                                 (1,933

)

Increase (decrease) in unearned premiums  

 

                             500,077

 

 

                             159,744

 

Increase (decrease) in other net payable to reinsurers  

 

                                72,850

 

 

                                89,499

 

Increase (decrease) in losses in course of payment  

 

                                70,653

 

 

                             147,427

 

Change in equity adjustments in limited partnerships  

 

                            (377,120

)

 

                                84,066

 

Distribution of limited partnership income  

 

                                49,053

 

 

                                40,447

 

Change in other assets and liabilities, net  

 

                            (211,735

)

 

                              (10,313

)

Non-cash compensation expense   

 

                                22,439

 

 

                                19,175

 

Amortization of bond premium (accrual of bond discount)  

 

                                37,928

 

 

                                20,547

 

Net realized capital (gains) losses   

 

                            (143,011

)

 

                                25,940

 

Net cash provided by (used in) operating activities  

 

                          1,627,962

 

 

                          1,104,586

 

   
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called - available for sale, at market value  

 

                          1,897,536

 

 

                          1,261,650

 

Proceeds from fixed maturities sold - available for sale, at market value  

 

                             599,737

 

 

                             990,273

 

Proceeds from equity securities sold, at fair value  

 

                             474,663

 

 

                             213,185

 

Distributions from other invested assets  

 

                             112,398

 

 

                             164,975

 

Cost of fixed maturities acquired - available for sale, at market value  

 

                        (3,949,973

)

 

                        (2,301,701

)

Cost of equity securities acquired, at fair value  

 

                            (360,016

)

 

                            (224,086

)

Cost of other invested assets acquired  

 

                            (309,691

)

 

                            (343,332

)

Net change in short-term investments  

 

                             506,285

 

 

                            (439,457

)

Net change in unsettled securities transactions  

 

                            (103,527

)

 

                                49,504

 

Net cash provided by (used in) investing activities  

 

                        (1,132,588

)

 

                            (628,989

)

   
CASH FLOWS FROM FINANCING ACTIVITIES:    
Common shares issued during the period for share-based compensation, net of expense  

 

                              (11,349

)

 

                              (12,841

)

Purchase of treasury shares  

 

                              (40,328

)

 

                            (200,019

)

Dividends paid to shareholders  

 

                            (124,274

)

 

                            (125,205

)

Cost of debt repurchase  

 

                                             -

 

 

                              (10,647

)

Cost of shares withheld on settlements of share-based compensation awards  

 

                              (13,713

)

 

                              (14,141

)

Net cash provided by (used in) financing activities  

 

                            (189,664

)

 

                            (362,853

)

   
EFFECT OF EXCHANGE RATE CHANGES ON CASH  

 

                                 (1,016

)

 

                                   1,699

 

   
Net increase (decrease) in cash  

 

                             304,694

 

 

                             114,443

 

Cash, beginning of period  

 

                             801,651

 

 

                             808,036

 

Cash, end of period  

 $

                      1,106,345

 

 $

                          922,479

 

   
SUPPLEMENTAL CASH FLOW INFORMATION:  
Income taxes paid (recovered)  

 $

                            34,780

 

 $

                            10,895

 

Interest paid   

 

                                31,695

 

 

                                14,992

 

 

Contacts

Investors and Media:

Jon Levenson

Head of Investor Relations

Everest Global Services, Inc.

908.604.3169

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